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REGISTERED NUMBER: SC200043 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

TEXTILE CARE SUPPLIES LTD.

TEXTILE CARE SUPPLIES LTD. (REGISTERED NUMBER: SC200043)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TEXTILE CARE SUPPLIES LTD.

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTORS: Mr D Yates
Mrs J Yates





REGISTERED OFFICE: Unit 9, Buko Business Centre
Ashley Road,
Southfield Industrial Estate
Glenrothes
Fife
KY6 2SE





REGISTERED NUMBER: SC200043 (Scotland)





ACCOUNTANTS: K M Stewart & Company
6 Miller Road
Ayr
KA7 2AY

TEXTILE CARE SUPPLIES LTD. (REGISTERED NUMBER: SC200043)

STATEMENT OF FINANCIAL POSITION
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,804 27,254

CURRENT ASSETS
Stocks 5 85,389 114,491
Debtors 6 95,191 104,355
Cash at bank and in hand 100,146 173,760
280,726 392,606
CREDITORS
Amounts falling due within one year 7 213,592 321,513
NET CURRENT ASSETS 67,134 71,093
TOTAL ASSETS LESS CURRENT
LIABILITIES

88,938

98,347

CREDITORS
Amounts falling due after more than one
year

8

(47,500

)

(77,500

)

PROVISIONS FOR LIABILITIES (4,143 ) (5,292 )
NET ASSETS 37,295 15,555

CAPITAL AND RESERVES
Called up share capital 9 10 10
Retained earnings 10 37,285 15,545
SHAREHOLDERS' FUNDS 37,295 15,555

TEXTILE CARE SUPPLIES LTD. (REGISTERED NUMBER: SC200043)

STATEMENT OF FINANCIAL POSITION - continued
31 October 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by:





Mr D Yates - Director


TEXTILE CARE SUPPLIES LTD. (REGISTERED NUMBER: SC200043)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Textile Care Supplies Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Significant judgements and estimates
The preparation of financial statements requires the use of certain accounting estimates. It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment
The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors
The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Stock Valuation
The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements.

Key Judgements made in the application of Accounting Policies
a) Exemptions taken in the application of FRS 102
The Company has considered and taken advantage of the following exemptions in its application of FRS 102:
i) The Company has not revisited previous accounting estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

TEXTILE CARE SUPPLIES LTD. (REGISTERED NUMBER: SC200043)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Classification
The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement
The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment
Financial instruments are reviewed annually for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

TEXTILE CARE SUPPLIES LTD. (REGISTERED NUMBER: SC200043)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 November 2022
and 31 October 2023 16,793 25,872 11,395 50,028 104,088
DEPRECIATION
At 1 November 2022 13,800 24,004 10,649 28,381 76,834
Charge for year 598 373 149 4,330 5,450
At 31 October 2023 14,398 24,377 10,798 32,711 82,284
NET BOOK VALUE
At 31 October 2023 2,395 1,495 597 17,317 21,804
At 31 October 2022 2,993 1,868 746 21,647 27,254

5. STOCKS
2023 2022
£    £   
Stocks 85,389 114,491

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 94,918 104,355
Other debtors 273 -
95,191 104,355

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,000 30,000
Trade creditors 139,330 252,730
Taxation and social security 35,853 28,182
Other creditors 8,409 10,601
213,592 321,513

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 47,500 77,500

TEXTILE CARE SUPPLIES LTD. (REGISTERED NUMBER: SC200043)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 47,500 77,500

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10 Ordinary £1 10 10

10. RESERVES
Retained
earnings
£   

At 1 November 2022 15,545
Profit for the year 21,740
At 31 October 2023 37,285